the global artificial intelligence market was worth US$126.24 bn in 2015. With a significantly high CAGR of 36.10% between 2016 and 2024, the market is expected to reach US$3,061.35 bn over the period of the forecast. Artificial intelligence is anticipated to find the most significant application in deep learning over the next few years, states the research report.

The global market for artificial intelligence is witnessing a phenomenal growth as organizations across the world have started capitalizing on the benefits of such disruptive technologies for efficient positioning of their offerings and their customer-reach,” says a TMR analyst. 

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In addition to this, the rise in the IT spending by enterprises, globally, for advancements in their products and services, is also boosting the growth of this market substantially. However, the upward growth of this market may be hampered by the low upfront investments in the near future. A number of companies operating in this market are facing difficulties in generating funds for early stage R&D of prototypes and their underlying technologies.

In 2015, North America led the global artificial intelligence market, holding a share of 38%. The presence of a large pool of technology companies has resulted in a higher pace of uptake of artificial intelligence in this region.